07/09/2015 - 14:12

Chubb, Otis Elevator HQ up for sale

07/09/2015 - 14:12

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Chubb, Otis Elevator HQ up for sale

A Jandakot industrial property leased by security firm Chubb and lift manufacturer Otis Elevator has hit the market, with selling agents Colliers International expecting it to fetch a price tag of around $8 million.

The 4.600 square metre property, located at 120 Cutler Road, with the lease of Chubb and Otis’s parent company, United Technologies, running until 2020, with an option for an additional term.

Colliers International director of investment services, Nicholas Agapitos, said the property, which has annual rents of more than $500,000, was being sold by a private investor.

“There is strong interest in the market among private investors, syndicates and offshore groups,” he said.

United Technologies is a massive international company that is tracking very well and is an appealing tenant for investors looking for a securely leased asset.”

Colliers industrial manager Greg O'Meara shared Mr Agapitos’s view that industrial properties in Perth were in high demand.

“Very few well-leased investments, whether industrial or commercial, are available at this point in the property market cycle,” Mr O’Meara said.

 

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